Vaccines Market Size By Age Group (Pediatric, Adult), By Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Dengue, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus), By Technology (Conjugate, Live, Inactivated, Recombinant, Toxoid), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Published Date: Oct 2020 | Report ID: GMI2186 | Authors: Sumant Ugalmugle, Rupali Swain
Industry Trends
Vaccines Market size exceeded USD 42 billion in 2019 and is poised to grow at over 14.7% CAGR between 2020 and 2026. Immunization programs and initiatives undertaken by the government authorities to improve health outcomes will escalate the market demand.
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COVID-19 pandemic will significantly accelerate the vaccines market demand
Recent incidence of coronavirus infection has affected millions of people across the globe. Community transmission in some regions has resulted into increasing casualties worldwide. Currently, biopharmaceutical and biotechnological companies are focusing on increasing research and development of vaccines for COVID-19. The coronavirus outbreak has offered unprecedented demand and firms are extensively investing in R&D activities along with funding from the government. Expansion of manufacturing facilities catering to huge demand will further strengthen the industry growth potential.
Viral infections are one of the major threats affecting majority of the population in developing as well as developed nations. Owing to the growing incidence of infectious diseases such as hepatitis virus and human papilloma virus, the vaccines market will foresee tremendous growth. However, stringent regulatory policies will affect the development process. Moreover, high storage and transportation cost of vaccines can hamper the supply in the market upto some extent.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | USD 42.5 Billion |
| Historical Data for: | 2015 to 2019 | Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 14.7% | 2026 Value Projection: | USD 81.7 Billion |
| Pages: | 192 | Tables, Charts & Figures: | 225 |
| Geographies covered (21): | U.S., Canada, UK, France, Germany, Spain, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Qatar, Egypt | ||
| Segments covered: | Age Group, Disease, Technology | ||
| Companies covered (12): | Abbott Laboratories, Astellas Pharma, Inc., AstraZeneca, Serum Institute of India Pvt. Ltd., CSL Limited, Emergent BioSolutions, Inc., GlaxoSmithKline, Johnson & Johnson, Merck & Co., Novavax, Inc., Pfizer, Sanofi Pasteur | ||
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing awareness about immunization programs
Pediatric vaccines market is expected to witness around 13.2% growth rate through 2026. As per recent statistics, the vaccination coverage of first dose of diphtheria, tetanus and pertussis (DTP) was 90% in 2018. However, only 35% children received rotavirus vaccine. Children are prone to contracting various infectious diseases due to lower immunity. Thus, growing importance of vaccination to develop long-term immunity against various pathogens will drive vaccination rate.
Significant increase in influenza associated severe conditions
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Upsurge in number of patients with influenza infection will boost the vaccines market revenue in the coming years. According to the Centers for Disease Control and Prevention, over 35.5 million people were affected with influenza during 2018-2019. This will further result into growing vaccination rate against the infection across the country, positively impacting the product supply.
Influenza segment will register significant growth of more than 9.1% during the forecast timeline. It has resulted into 490,600 hospitalizations and about 34,200 deaths in the U.S. Further, there were over 46,000 hospitalizations, with 57% in elderly population. Hence, the burden of influenza related illnesses along with occurrence of influenza pandemics will impact the market demand.
Advantages of conjugate vaccines will provide immense growth opportunities to the vaccines market
Conjugate vaccines segment size valued at USD 17 billion in 2019 attributed to advantages including T cell-dependent immune response. Conjugate vaccines provide long lasting immunity, improved memory and immune response, protection to toddlers and infants along with heard immunity. Therefore, with enhancements in vaccine technologies, the segment is anticipated to witness robust growth in near future.
Rising government expenditure on development of novel vaccines in North America
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North America vaccines market accounted for over 38% revenue share in 2019. Favourable government initiatives and vaccination coverage will fuel the market share. Furthermore, increasing awareness about preventable medicines, accessibility and presence of major market players will impel the regional market growth.
U.S. dominated the North America vaccines industry in 2019. Increase in number of patients with COVID-19 infection and related causalities has provided potential to industry players operating in the country. The government is also collaborating and signing agreement for development, production and supply of vaccines. For instance, the U.S. Government signed supply agreement with Moderna for mRNA covid-19 vaccine candidate. Exponential demand for COVID-19 vaccines among others and rapid development for speedy market entry will ultimately influence revenue size in the foreseeable future.
Prominent industry players are focusing on strategic alliances
Some of the prominent players operating in the vaccines market include Abbott, AstraZeneca, Johnson & Johnson, GlaxoSmithKline, Merck & Co. Inc., Pfizer, and Sanofi. These market players are adopting various inorganic growth strategies to gain market share and sustainable competitive advantage.
Some of the recent industry developments:
- In August 2020, Novavax signed licensing agreement with Serum Institute of India for development and commercialization of its novel COVID-19 vaccine candidate NVX-CoV2373 in low and middle-income countries along with India. This will boost revenue of the company.
- In May 2020, AstraZeneca received over USD 1 billion from US Biomedical Advanced Research and Development Authority (BARDA) for development and manufacturing of vaccines pertaining to COVID-19. Increasing investments will enhance firm’s growth potential in the market.
- In March 2020, Pfizer and BioNTech announced strategic collaboration to advance development in mRNA vaccine for coronavirus infection. This will fasten development process and offer competitive advantage to the company.
The vaccines market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
Market, By Age Group
- Pediatric
- Adult
Market, By Disease
- Cancer
- Hepatitis
- Pneumococcal disease
- DTP
- Dengue
- Influenza
- Human Papilloma Virus
- Meningococcal Disease
- Polio
- Rotavirus
- Others
Market, By Technology
- Conjugated
- Live
- Inactivated
- Recombinant
- Toxoid
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
- Egypt
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